aibioRevelation Biosciences reports first quarter 2026 net loss of $3.0 million
Tickers REVB
Cash stood at $14.1 million on March 31, 2026, which the company says covers operations through the first quarter of 2027.
Key facts
- Company
- Revelation Biosciences, Inc. (NASDAQ: REVB)
- News type
- Company Updates
- Primary source
- Revelation Biosciences, Inc. 8-K (2026-05-07)
Revelation Biosciences, Inc. (NASDAQ: REVB) reported financial results for the three months ended March 31, 2026, in a press release dated May 7, 2026. The San Diego company, which calls itself a clinical-stage life sciences company, had $14.1 million in cash and cash equivalents at quarter end, up from $10.7 million at December 31, 2025. Based on current operating plans and projections, it said that cash is sufficient to fund operations through the first quarter of 2027.
The quarter
Revelation reported a net loss of $3.0 million, or $2.71 basic and diluted net loss per share, for the first quarter of 2026. A year earlier it reported a net loss of $2.1 million, or $25.34 per share. Total operating expenses were $3,092,500, compared with $2,094,987 in the first quarter of 2025. Research and development expense rose to $1,376,861 from $858,830, and general and administrative expense rose to $1,715,639 from $1,236,157.
Net cash used for operating activities was $3.2 million for the quarter, compared with $2.8 million a year earlier. The release said the increase in the cash balance came mainly from net cash proceeds of the January 2026 warrant inducement, which totaled $6.7 million, offset by cash used in operations. Deemed dividends of $5,681,616 raised the net loss attributable to common stockholders to $8,690,667. The number of shares issued and outstanding rose to 3,908,420 at March 31, 2026, from 1,583,969 at December 31, 2025.
Gemini and the regulatory path
Revelation's lead product candidate is Gemini, a proprietary formulation of phosphorylated hexaacyl disaccharide, known as PHAD, which the company describes as a toll-like receptor 4 (TLR4) agonist. According to the release, TLR4 stimulation with Gemini rebalances the innate immune response and has shown potential to treat acute and chronic diseases linked to dysregulated inflammation.
The company is evaluating Gemini for acute kidney injury in its GEM-AKI program and for chronic kidney disease in GEM-CKD. The release also lists two further programs: GEM-PBI, aimed at hyperinflammation and infection associated with severe burn, and GEM-PSI, aimed at preventing post-surgical infection. The release says Gemini has been studied in two Phase 1 clinical studies.
Revelation said it had reached agreement with the FDA on a single adaptive Phase 2/3 study of Gemini for approval in acute kidney injury. It also presented additional analysis from the PRIME Study at the International Conference on Advances in Critical Care Nephrology (AKI & CRRT 2026) in San Diego, held March 29 - April 1, 2026, which the release calls positive. The release gives no p-values, patient numbers or endpoint results for that analysis, and the only human data it cites for Gemini come from two Phase 1 studies.
Company background and financial history
The annual report for 2025, filed February 26, 2026, says Revelation was incorporated in Delaware on November 20, 2019, originally as Petra Acquisition, Inc., and is based in San Diego, California. Its common stock and public warrants trade on Nasdaq under REVB and REVBW. The report says the lead Gemini programs have been derisked with preclinical and clinical data and are focused on kidney disorders, and that the company will look to add pipeline programs that address other kidney-related issues.
From the company's financial data, research and development expense was $4.1 million for 2025, against $3.5 million for 2024. The net loss was $8.9 million for 2025, against $15.0 million for 2024. Cash used in operations was $8.3 million in 2025 and $18.3 million in 2024, and year-end cash and cash equivalents were $6.5 million at December 31, 2024.
The risks ahead
Revelation still has to start its single adaptive Phase 2/3 study of Gemini in acute kidney injury. The release says only that talks with potential clinical research organizations have begun and gives no start date. The company says its cash covers operations through the first quarter of 2027, yet it used $3.2 million in operations in the quarter, and the 10-K lists reverse stock splits in January 2024, January and July 2025 and January 2026 and a $5,681,616 deemed dividend this quarter. The release lists the timing of clinical data, enrollment risk and the ability to keep its Nasdaq listing as risks.